Seems like there could be a new lower cost iPhone out this year alongside the expected iPhone 7. Rumours persist of a phone similar in size to the 5S but with a slightly tweaked design and upgraded internals. What these internals are is open to debate, initial rumours suggested the same processors at the iPhone 6 (A8 processor and M8 co processor) but a report from 9t05mac suggests that the iPhone 5SE, as it’s likely to be called, will in fact sport the latest A9/M9 processors from the iPhone 6S. The camera will most likely be the 8 megapixel one from the iPhone 6, it will have always on Siri so you can activate siri by simply saying “Hey Siri”.
If you are on the lookout for a lower end premium smartphone, and it must be an iPhone then it might be worth waiting to see if the iPhone 5SE materialises as it will be better than the iPhone 5S, the current bottom rung iPhone.